Howdy,
I was looking into this a few weeks ago since I'm planning to take up a job offer in Sydney and in a couple of years time ride an Australian registered bike back to the UK. If you declare it at point of entry into the EEC under the 'Transfer of Residence' scheme (I assume you're returning to the UK after having spent time in oz and will remain in the UK) then there are no import duties or taxes. However, you're not allowed to sell it for a year. There's info on HM Revenue & Customs: Home Page (look under 'Library' on LHS, 'Publications & Notices', 'Imports/Exports and then the 2nd item - Public Notice No. 5) about the transfer of residence duty exemption.
If the bike was more than 3 years old you could ride it and if stopped say you were taking it for an MOT (apparently), although probably not a good idea. You'll have to get it checked out for road worthiness in the UK but if it's a common make then it shouldn't be a problem . Apparently, you are able to just cover up the Km/hr with a mph sticker. You'll need to contact the VOSA (Vehicle Operator Servcie Agency) on 0870 6060440 to get the vehicle checked out for UK roads. Once you have this then you can get it re-registered and do the rest of the gubbins. You'll probably need to have it registered before you can get it insured though.
Good Luck
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